I-T raids Sun Pharmaceuticals: In an all-India search operation, the investigation wing of the income-tax department swooped upon Mumbai-based Sun Pharmaceuticals Industries on Monday. The search carried on 34 premises included 12 residential and seven office premises in Mumbai alone. The department covered 15 official premises of the company located in various parts of the country including Vapi, Silvassa, Ahmednagar, Baroda and Delhi.

Sabeer Bhatia assumes new post at Microsoft: Sabeer Bhatia, co-founder of the free web-based e-mail service Hotmail, has assumed a new position as general manager ofstrategic development at Microsoft Network. The 28-year-old is heading Microsoft's further forays into the Internet as the world's largest software maker braces for the challenge posed by America Online's recent acquisition of Netscape.

Fertiliser concession for farmers proposed: The ministry of agriculture has put forward a proposal for providing concession to farmers for purchasing low-analysis nitrogenous fertilisers like ammonium sulphate, calcium ammonium nitrate and ammonium chloride to the Cabinet Committee on Economic Affairs.

Indo Rama hires KPMG to improve accounting work: OP Lohia-controlled Indo Rama Synthetics, the second-largest private sector petrochemicals company, has roped in consultancy giant KPMG Peat Marwick to implement new and improved accounting practices. KPMG has been assigned with the task of recommending changes in systems which will form the background for a long-term accounting policy.

Roussel India MD joins Hoechst Marion board: German multinationalHoechst Marion Roussel has inducted Roussel India managing director N Aleco on its board. The move is expected to pave the way for integration of both entities at the management level. Roussel India, in which Hoechst Marion Roussel India held 66.67 per cent of the paid-up capital, is being amalgamated with the parent with effect from April 1, 1997.

Ind Auto brings three-day week at Kurla plant: Ind Auto, the joint venture between Fiat India and Premier Automobiles, has introduced a three-day working week at its Kurla plant which manufactures the Uno and Padmini. According to sources, the move is a result of a slowdown in the automobile industry and normal operations will resume only if there is a semblance of recovery in the months ahead.

Novartis informs BSE on share transfer: Novartis India has informed the Bombay Stock Exchange that in terms of FIPB and RBI permissions, the board has approved the transfer of 2,921,800 equity shares (9.17 per cent) of the company held by Ciba India Pvt Ltdin favour of Novartis AG, Switzerland. With this acquisition, Novartis AG holds 50.99 per cent in Novartis India.

Sensex shoots up 72 points: The Sensex shot up by 72 points and crossed the psychological barrier of 2,900 points following frenzied buying by FIIs in pharma and software scrips in Mumbai on Monday. According to market sources, FIIs bought sizeable amount of Dr Reddy, Glaxo, Hoechst, Novartis shares in the pharma counter and NIIT, Satyam, PSI Data, Pentafour in the software group.

ANZ Investment appoints new chief: ANZ Investment Bank, investment banking arm of Australia and New Zealand banking group, on Monday announced the appointment of Rajiv Maliwal as head of its investment banking operations in India. The new chief currently heading the corporate finance and relationship managment division will continue to hold this position in addition to his new responsibilities, an ANZ Investment Bank statement said.

RBI plans to counter euro launch loss: Life in RBI'sdepartment of external investments and operations will never be the same again once euro is launched. While the world is awaiting the arrival of what is being billed as one of the most powerful currency which has the potential to upstage the American dollar, the Indian central bank--like all other central banks the world over--is busy drawing up plans on how to compensate for the loss of a lucrative income stream: arbitraging between the bond, currency and money markets across Europe.

Raghavan to take over as Indian Bank chief: Bank of Maharashtra CMD TS Raghavan is taking over as Indian Bank chief following the appointment of S Rajagpal as Bank of India CMD. The CMD's post in Bank of Maharashtra has been filled in by Uco Bank executive director MM Vaish. The notifications of all three appointments were issued last week. The reshuffle at the top of three state-run banks was triggered by Rajagpal's appointment as BoI chief.

Coupon on three-year paper lowered: RBI has fixed the coupon on thethree-year paper--auctioned on Monday--at 11.47 per cent, eight basis points lower than the coupon fixed for the three-year paper sold on July 1. The on-tap three-year paper, issued on July 17, also carried a coupon of 11.55 per cent. RBI has cut the coupon in the face of aggressive bidding by banks against the backdrop of comfortable liquidity position.

Eight deals done at Indian Cotton Contract: On the very first day of futures trading in the Indian Cotton Contract on Monday, 11 members participated to conclude eight transactions for February 1999 delivery. ICC for February 1999 opened lower at Rs 4,801 per quintal as compared to the inaugural close at Rs 4,925 on Saturday. It moved in a very narrow band with high at Rs 4,811 per quintal and low at Rs 4,801 per quintal to close at Rs 4,808 per quintal. Monday's settlement price was pegged at Rs 4,810 per quintal as compared to Rs 4,824 per quintal on Saturday.

Rubber conference stresses on R&D: The need to give a `positive thrust' to R&Dto enable the Indian rubber industry to become more globally competitive was underscored at a three-day `International Rubber Conference which began in Chennai on Monday. Chief patron of IRC-98 and MRF CMD KM Mammen Mappillai in his keynote address, asserted the need for a `relook' at the whole concept of R&D in India.

DoT may become a high-debt company: DoT would turn into a high-debt company making it borrow about Rs hundred thousand crore in 10 years, if the tariff proposed by Trai was implemented in toto. DoT informed Trai after detailed studies that a 15 per cent annual decrease in revenue as a result of new tariffs would bring down its internal resource generation by Rs 52,318 crore.